Similarweb

Digital intelligence company Similarweb laid off over 60 employees, representing about 6% of its workforce, in May 2023. This followed a previous round of 130 layoffs in November 2022. The cuts were announced alongside first-quarter results that showed a 19% revenue increase to $52.8 million but a persistent GAAP operating loss of $13.1 million. The company, which provides web traffic analytics, cited ongoing efforts to improve its financial position and achieve positive cash flow, with most affected employees based outside Israel.

In November 2022, Israeli web analytics firm SimilarWeb announced a workforce reduction of 10%, laying off 120 employees from its total of 1,250. The company, which provides a platform for measuring and predicting web user behavior, cited a deteriorating economic environment as the reason. CEO Or Offer explained that after rapid growth during the pandemic, anticipated conditions for 2022 had worsened, with inflation, interest rate hikes, and potential recession impacting the global economy. To accelerate its path to positive cash flow in 2023, SimilarWeb adjusted its cost structure, leading to this difficult decision. The layoffs occurred as the company reported a 41% year-over-year revenue increase to $50 million for Q3 2022, alongside a growing operating loss.